Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Tuesday Afternoon Opinions @ 4:22 PM CST - 3/02/2021


Recommended Posts

Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. :twothumbs:RON

 

 

*** Pimpy *** This  [Recently discussed tweet from the Iraqi Government]  is old.  These were the words of the Finance Minister before the rate change happened {When they devalued in December}.  There's no date on this tweet...I'm pretty sure this is something that was said sometime in December or at least it was said in an article before the rate change happened when they first were talking about the White Paper reforms.  I don't want you to get down.  It's not bad news.  This is just  'look at everybody jumping on this like they're going to change the rate again' ...slow down sparky.  I got you.  I remember these words specifically.  These were said before they devalued the currency...

 

*** Jeff *** They've pretty much almost stopped the currency auctions.  Not quite to 100% but there's down to probably about 95% reduction in country.  That's tremendous.  Remember I told you about the time they devalued the currency clear back on December 20th - this is one of those patterns we were looking for...they have done so.  That's just more confirmation they're in the progress of changing that exchange rate.

 

*** Petra ***...if they were going to have a budget at 1450 or even 1190 they'd have done it.  That's what's key to understand.  They are waiting for the rate because they know that's what they need to make all the changes.

 

*** Frank26 *** The Iraqi dinar is pegged to the American Dollar.  You may say no it's not.  Trust me it is electronically.  It's already 1 to 1.  I know that's a bold statement to make...the Iraqi dinar is about to play fair with the American dollar.  It's pegged to it.  It has no choice.

 

*** Jeff ***  [Question: "Is the gain from this exchange rate considered taxable income?"]  I know a lot of people think this isn't going to be taxable.  It's going to be a taxable event guys.  We live in the greediest country in the world - the United States.  I promise you this will not go untaxed.  Plan on paying your taxes and getting on with your life.  Keep it legal.  Keep it real.  [Note:  Always consult a tax professional at the appropriate time.]

 

*** Mnt Goat *** Article: "AL-KHALIDI IS SURPRISED THAT THE CABINET HAS FORMED A COMMITTEE TO STUDY THE CONSEQUENCES OF CHANGING THE CURRENCY EXCHANGE RATE"   So, is this proposal to change the exchange rate just to change it back to 1250 before the devaluation to 1450 or is it to 1:1 with the US dollar and give the Iraqi dinar the strength it really deserves? I believe, based on other articles... that it is a study to go to 1:1 and then to eventually raise it back to 3:1 and even higher... there is much pressure to finally get this done.

 

 

:salute:

  • Thanks 9
  • Upvote 4
Link to post
Share on other sites
9 hours ago, ronscarpa said:

*** Frank26 ***  It's already 1 to 1.  

hey everybody, frank said it is already 1:1. yee haaa come on guy let's run to the bank. and the teller in the bank ask who told you that it is already 1:1? frank26 said that? frank who? frank sinatra? opss did i say that out loud?

  • Haha 3
Link to post
Share on other sites
15 hours ago, ronscarpa said:

Question: "Is the gain from this exchange rate considered taxable income?"]

I’m married to a tax attorney who has been practicing for 40 years. Trust me, this is not “taxable income” as defined by the IRS.  I’m not saying there won’t be tax consequences, but it is definitely not considered “income”.  

  • Thanks 2
  • Upvote 5
  • Pow! 1
Link to post
Share on other sites
38 minutes ago, Half Crazy Runner said:

I’m married to a tax attorney who has been practicing for 40 years. Trust me, this is not “taxable income” as defined by the IRS.  I’m not saying there won’t be tax consequences, but it is definitely not considered “income”.  

Especially considering the IRS and income tax is going to be nonexistent soon👍

  • Like 2
  • Upvote 1
Link to post
Share on other sites
1 hour ago, Half Crazy Runner said:

I’m married to a tax attorney who has been practicing for 40 years. Trust me, this is not “taxable income” as defined by the IRS.  I’m not saying there won’t be tax consequences, but it is definitely not considered “income”.  

I liked you before, but now I really like you! Thanks for your input. It holds weight. :) I’m sure there will be consequences, and as much as I would love to believe the IRS is going away and will become nonexistent, I’m not holding my breath. I’ll believe it when I see it. 

  • Thanks 1
  • Upvote 1
Link to post
Share on other sites

So am I correct... that is why it is suggested we have an OSA and an LLC?   So our taxes are less and only withdraw/transfer what we need each yr?    With the amount we are holding, we were thinking of just taking the tax hit once and be done.   I think it is 35%???

Link to post
Share on other sites
3 hours ago, Half Crazy Runner said:

I’m married to a tax attorney


Smart Choice ! ;) 

 

 

And At Least U’ll Never Have To Tell Him About The Penalty For Early Withdrawal ! :o 

 

:D  :D  :D 

 

 

Sorry HCR, It Was There - I Had To Do It ! :rolleyes: 

 

:lmao:  :lmao: 

  • Haha 11
Link to post
Share on other sites
4 hours ago, shootn4cash said:

So our taxes are less and only withdraw/transfer what we need each yr?    With the amount we are holding, we were thinking of just taking the tax hit once and be done.   I think it is 35%???

I understand return on investment to be capital gains, not income. I sure hope capital gains is not 35%!

  • Upvote 1
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



  • Similar Content

    • By ronscarpa
      Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. RON 
       
       
      *** Mnt Goat *** All of this recent news is VERY good. It could not get any better other than announcing the RV...Everyone needs to remember that I do have some contacts in the CBI and I am going to be able to let you at least 48-72 hours prior to the activity happening. Also I will be able to give a “reasonable” target date for the RV event and I will back it up with proof & FACTS, not just rumors.

       
      *** Pimpy *** A lot of chitter-chatter and diplomacy going on between the United States...centered on Iraq.  Iraq is the hub of the Middle East there's no doubt about it...there's tons of articles about the meeting between the United States and Iraq as well as with Kurdistan...and what they need to do to strengthen relationships with Iraq...I'm more than positive they're talking most likely what to do with Iran...
       
       

    • By ronscarpa
      Today is The National Day of Prayer - Pray for our Nation, it's Government, Our People.
       
      Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. RON 
       
       
      ** Frank26 ** The Unpegging of the American dollar from the Iraqi dinar will allow the 1 to 1 rate domestically and will allow the 1 to 1 rate to leave Iraq and go into the international community where it's going to float...the day that I see the Iraqi dinar has been unpegged it may be like 3 seconds and then we'll see the new rate...more than likely IMO...the moment you see the CBI talking about unpegging, holy cow, hold on tight. 

       
      ** Pimpy ** I know somebody out there in the YouTube sphere told everybody that there was an in-country rate change which is not true...

       
      ** Mnt Goat ** Article: "ACTIVATING THE ECONOMIC ACTIVITIES OF IRAQ" Quote: "...activating economic activity between Iraq and the major economic blocs, is one of the things that contribute to activating economic activities, by investing in advanced technology for investment companies and transferring them to the country."   All good signs that Iraqi is moving ahead - not backwards.
       
      Today is The National Day of Prayer - Pray for our Nation, it's Government, Our People.
    • By ronscarpa
      Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. RON 
       
       
      ** Mnt Goat **  I will tell you one thing for sure we can’t count on Ramadan as a target to let the RV happen. We never could...Every year we hear the same old crap...“Ramadan is the holiday of giving, so the CBI is going to give the people the revaluation.” ...This is pure speculation...with NO FACTS to back it up...Just so you know Ramadan began in mid-April and so where is the RV? The upcoming Eid al-Fitr holiday is May 12 to Sunday May 19 and nothing is planned for an RV by the CBI. Don’t you think they would have announced some plan by now to educate the people, if this was the case?

       
      ** Frank26 **  You know that there is a massive campaign coming.  But before that happens, the process, the steps that are occurring are extremely important...the Iraqi dinar right now is pegged to the American dollar...one of the things that's in this process is the Iraqi dinar has to un-peg from the American dollar...You want an international rate?   That's why they have to un-peg in order for the the dinar to leave the country at 1 to 1 and then peg to the American dollar inside a basket...
       
       
      ... Night Folks ... Blessings - Ron
    • By ronscarpa
      Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. RON 
       

      *** MilitiaMan  There is plenty of data out from prominent economists...of recent mentioned clearly...that there is...a focus on the matter and that the HCL needs to be sorted and quickly... Digitization will have that taken care of.  A level playing field with the smart technology initiative in mind will set this in motion quite quickly. At least it sure looks that way!!!  All the work to date shows me that they are not stopping...


      ***  Frank26  Everyone says, 'Oh, no this dinar is not a taxable item.'  Really?  When did you ever see Uncle Sam tell you, 'You can go ahead, earn money and keep it all.'  Never.  Don't be naive.  Don't go for that hopium that other places are telling you, 'Oh, you never have to pay taxes on it..'  It's all lies.  I told you before Biden became president... everything he tells you about taxation is lies.  And sure enough...ta-da...Now after he's become president he's going to destroy you financially...you need to defend yourself...(NOTE: At the appropriate time for you, consult your financial and tax professionals about your unique financial situation.)..
       
       
       
      *** Holly   Per Frank26... He said it is happening. He has a list of 14 things that he said they are working on that require the rate change such as contracts.  He also mentioned tourism and a couple of others. I think his big message was that Iraq will depeg from the dollar. When that happens the rate will be 1:1 in country and will float internationally. He said he was very comfortable that it is happening.


      *** Mnt Goat  Article: "PROVINCE’S INVESTMENT: ANBAR INTERNATIONAL AIRPORT WILL BE THE LARGEST IN IRAQ"   like I said before, the plans for Iraq is for a central hub of commerce and trade. We see it slowly taking place. Airports are big in this vision for Iraq.
       
       

    • By ronscarpa
      Remember, no one really  knows what will happen, or when. They're simply stating their opinions based on what  they perceive to be happening in Iraq. RON 
       
       
       
      *** Jeff  Article: "Oil continues to rise and Brent is touching $67 a barrel"  Iraq has not gotten any loans recently. They don't have to get loans now.  They have plenty of money from the oil surplus. Now that they have a surplus of money...they technically don't have to change the rate either.  They have plenty of money coming in now...the Central Bank told you they've implemented the reforms at the current rate of 1460...


      *** BobTheTaxMan  One of the blessings that we have living in the country that we live in [USA] is that they understand the value of free-enterprise.  Small businesses, less than 50 employees, make up the majority of the money that flows through our system.  People think that big money and big government are the ones that have control.  To a certain extent yeah that true...but why do they call it coming to America and living the dream? ...What is the American dream? ..(post 1 of 2).. 

      *** BobTheTaxMan  For me...having the opportunity to create any business I want.  To be able to buy my home.  To be able to have the freedom to vote and to participate in what's going on in my world.  That's the American dream.  America has that.  We have the freedom to do so much more - the rest of the world cannot do...In the tax game you can win.  It can be a win for you, the government, your tax preparer but to do it you have to understand how to play the game.  Once you understand that - you've got freedom...(post 2 of 2).. 
       
       

  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.